TIANJIN (CHINA): Bank of China, the country's largest foreign exchange lender, is open to buying into US banks in the wake of the global financial crisis, a senior executive said on Sunday.

Banking industry observers in China are torn over whether the fall in the share prices of many US financial firms presents more of a risk or a buying opportunity. Zhu Min, vice-president of Bank of China, did not shy away when asked whether his bank was currently considering making investments in Wall Street. "We are open. From a business point of view, we are looking for all the possible deals everywhere," Zhu told a meeting of the World Economic Forum being held in this northern port city.

While Zhu did not elaborate, his remarks contrast with more cautious comments by senior executives of other Chinese banks on their plans for expanding overseas. Guo Shuqing, chairman of China Construction Bank Corp said on Saturday that CCB would be relatively careful in considering whether to make purchases abroad, especially in the US.

Jiang Jianqing, chairman of Industrial and Commercial Bank of China, said that the country's biggest lender would be careful in exploring US acquisitions during the current turmoil. However, Antony Leung, chairman of greater China for US private-equity house Blackstone Group, said on Sunday that the recent fall in asset prices could present good buying opportunities for Chinese investors, including China Investment Corp (CIC), the $200 billion sovereign wealth fund.

"Right now, whether we're talking about CIC or other investors, I think it's a chance you see only once a century," Leung told the forum. "When the market is good, it's hard to even get the opportunity to buy a relatively big strategic stake in a good-quality company overseas. Now you have that chance."

While all of the banks in China are state-owned. Some here have replied with the relativistic and fallacious argument that some of the US banks are now state-owned. Do you see where we’re going, and who is taking us there?

Most of our business leaders are now with the far left in many ways. There’s little or no public discussion of the globalism that brought us to the “bailout” and even the previous “bailout.” We need to be building more than houses (mansions at that).

We have enough in China without adding to it. Bank of America, for instance. B of A is owned by a Chinese company. I don't remember the name but I'm sure someone in here knows. We need to correct our own problems and not rely on anyone else.

15
posted on 09/28/2008 1:55:44 PM PDT
by antiunion person
(Obama, the end of our country as we know and love it.)

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